I wrote this post this afternoon at 2 PM.
)I'll bet ya right now (A nice German Chocolate Cake) that THJMW will grant the Discovery Motion, because it will push the parties back to the table and the brief shows further inquiry is needed. I have said since I came on this board, that JD and his cohorts will not get deposed. NO WAY JOSE'.. )
Here is what The Street wrote this evening.
Kevin Starke, a bond analyst at CRT Capital who has been following the JPMorgan-WaMu case closely, thinks the judge will grant Washington Mutual's attorneys' request, as the rule the attorneys use to justify it "permits discovery quite broadly, including on 'any...matter relevant to the case,'" Starke wrote in a research note published Wednesday, citing federal bankruptcy rules.
Now here comes the language most here on the board are looking for!
Starke also believes JPMorgan will be strongly incentivized to settle the case, rather than allow Washington Mutual's attorneys to go on such a broad and lengthy "fishing expedition,(fish-on)" he told TheStreet.com. "You go on that broad a hunt, there's a good chance you're going to find something," Starke says. ( Look under the Hood right!)
Whatever the outcome of the case, Starke does not believe owners of Washington Mutual's common stock have any hope of recovery, (They had to throw that in there, why make the common shares fly off the shelves right!) I bet Cramer and Co/are singing a different tune in Jan after the discovery motion is granted and effects across the entire market will be felt.
nor does he believe it will have much if any effect on JPMorgan's stock (dilution), as the amounts in dispute are relatively minor for the banking giant. Washington Mutual shares have swung wildly on heavy volumes at different periods in recent months, on hopes a favorable court ruling will help them recover some value.
My comments are in ( )
~Fish~
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